https://www.taxtmi.com/caselaws?id=61554 The Tribunal allowed the appeal, quashing the CIT(A)'s order and canceling the penalty of Rs. 2,04,470 imposed under Section 271(1)(c) of the IT Act. The Tribunal held that the penalty was not justified for the brought forward loss claim and the unexplained cash credits, as the assessee had acted in good faith and provided explanations supported by evidence. en-us Fri, 04 Apr 2003 00:00:00 +0530 Thu, 13 Jan 2011 12:43:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61554 The Tribunal allowed the appeal, quashing the CIT(A)'s order and canceling the penalty of Rs. 2,04,470 imposed under Section 271(1)(c) of the IT Act. The Tribunal held that the penalty was not justified for the brought forward loss claim and the unexplained cash credits, as the assessee had acted in good faith and provided explanations supported by evidence. Case-Laws Income Tax Fri, 04 Apr 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61554